New Delhi : IIM Kashipur declared that it had signed an MoU to collaborate with the Artha Access initiative. With the Dehradun-based FMCG company Himshakti, which has collected 17 lakhs in its pre-seed round, the organisation announced its first deal.
A memorandum of understanding (MoU) was signed by IIM Kashipur and the Artha Access programme to work together. The organisation has announced its first partnership with Himshakti, an FMCG company based in Dehradun and pre-seed funding of INR 17 lakh.
According to the official announcement, angel investors Anand Kumar of Pier Counsel and Varun Agrawal of StarClinch participated in the first round. Himshakti intends to use the cash for marketing, sales, and increasing the packaging quality of its products, the statement noted.
According to a release, Artha Access is a programme run by Artha Venture Fund (AVF) that allows AVF to co-invest with accelerators like India Accelerator, Huddle, and IIM Calcutta Innovation Park.
"Himshakti is one of the Uttarakhand-based businesses that is doing amazing work at the grassroots level to prevent rural migration and give job possibilities to the farmers of Uttarakhand. We have been affiliated with Himshakti for three years.
Safal Batra, professor and director of the Foundation for Innovation and Entrepreneurship Development at IIM Kashipur, stated that Harshit Sehdev (founder, Himshakti) also mentors students at our institution and frequently conducts training sessions.
According to Sehdev, the mission of Himshakti is to provide people with the highest-quality Himalayan agriculture possible.
Additionally, according to Gauri Kuchhal, principal of Artha Venture Fund, there is a sizable untapped market for reasonably priced organic FMCG items. "Himshakti is utilising this area.
We have supported other companies in various sectors, including the F&B industry and cosmetics, and we think we can assist Himshakti expand up more quickly so that it may have a significant footprint both in India and abroad.
The Indian D2C FMCG market is anticipated to reach $21 billion by 2025, according to an IBEF Report. The Indian FMCG market, on the other hand, is anticipated to develop at a CAGR of 14.9% to reach $220 billion.
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